Second marriages can help individuals cope with the pain associated with losing a spouse through death or divorce. If other beneficiaries are involved, you should consider what will happen to your assets after you pass away. You cannot guarantee that everyone in a blended family will be happy with the arrangements associated with your second marriage. Fortunately, however, it’s possible to avoid some mistakes so your family does not lose out on receiving an inheritance. With adequate estate planning, you can also make sure that your former spouse does not receive an inheritance if you do not intend so. To better prepare your estate if you’re in a second marriage, this article reviews several estate planning tips that you should consider utilizing.
# 1 – You Don’t Have to Treat All Heirs Equally
Most spouses do not marry while they are in equal financial positions. This is even more true for second marriages. If your new spouse moves into your residence, you might want your children to receive proceeds when your home is sold instead of your new spouse. Remember, in these situations, there is no established order that your assets must pass on equally to your children. There are various reasons why you might decide to treat your children unequally including children with disabilities, children who suffer from gambling conditions, or various other factors.